Refinance Rates in Trump Election Win
According to national housing and economic data, an estimated 13 million homeowners across the U.S. could potentially reduce their monthly mortgage payments and save money by refinancing their mortgage. Here’s why we recommend locking in your rate now and how you can refinance soon before rates rise.
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The democratically elected President Donald Trump recently stated ” At some point, you have to raise interest rates ” when speaking on matters of the Federal Reserve and mortgage interest.
Financial markets are still digesting the election results and the borrowing rates on 30-year fixed mortgages are still relatively resilient to the shift in political leadership.
Politics and Public Opinion May Pressure the Federal Reserve Bank
Although low rates for mortgages won’t be around for ever, a Trump presidency might be a catalyst for a December 2016 interest rate hike.
An excellent way to take advantage of today’s low refinance rates is by searching for your best options on our website.
If you are still seeking a refinance, but your home value has not appreciated with the rest of the housing market over the past few years – you could be HARP eligible.
Home Affordable Refinance Program (HARP) is a unique government sponsored refinance program designed to help homeowners with mortgage balances below $625,000 refinance at a lower market interest rate and begin saving money on mortgage payments. Today, up to 1 million homeowners are potentially eligible for HARP savings and don’t know it.
Help for Middle Class Homeowners Seeking to Refinance
When the financial crisis hit, the government set up HARP to reward middle class homeowners who stuck it out and continued to make their monthly mortgage payments. The catch is that this program won’t last long, so if you want to lower your mortgage payments, now is the time to act!
Think banks like HARP? It reduces their profits and here’s why:
- They may lose your business. You’ve been paying your mortgage faithfully for years, even through the worst of times. But, it’s not a requirement to do your HARP loan through your current lender. In fact, you can find big savings by shopping around for the best rate.
- The average savings for most eligible households is $3,512 per year. There’s no way banks want to give up that type of money.
Check your HARP Refinance Rates
Let Lenders Compete for your Business and Lock in Your Mortgage Rate, There’s a Chance that Mortgage Rates begin to Rise into Next Year!
